Sellers Betting That We've Reached The Peak
A report from Realtor.com. "The number of new listings on realtor.com® in September shot up 8% year over year, according to a recent report from realtor.com. That's the biggest jump since 2013. 'It's a key inflection point,' says Chief Economist Danielle Hale of realtor.com. 'There are still more buyers in the market than homes for sale. But in some [parts of the country], the competition is among sellers to attract buyers.'"
"The influx of homes on the market is partly due to sellers betting that we've reached the peak of the market. So they're rushing to list their homes and get top dollar while they can. Of the 45 largest housing markets, San Jose, CA, in the heart of Silicon Valley, saw the biggest boost in new listings, according to the report. It was followed by Seattle; Jacksonville, FL; San Diego; and San Francisco."
The Dallas Morning News in Texas. "The number of 'For Sale' signs is growing in North Texas' housing market. The Dallas-Fort Worth area has had one of the biggest increases in the country in the number of homes listed for sale, according to Realtor.com. D-FW ranked eighth among the 10 major U.S. markets with the greatest increase in home listings in September, up 14 percent from the same period a year ago, according to Realtor.com."
"Local real estate market numbers show that almost 26,000 preowned single-family homes were listed for sale in August with North Texas real estate agents. That's the highest volume in six years."
"Nationwide, more than 465,000 new for-sale listings entered the market in September, up 8 percent from a year ago according to Realtor.com analysts, marking the largest yearly jump since 2013. The greatest home listings gains were in San Jose (up 113 percent) and Seattle (43 percent)."
The Washington Post. "The District is still in a sellers’ market, but it is a little easier to be a buyer now, says Dan Galloway, D.C. market manager for Redfin brokerage."
"'We’re still seeing competition for homes and multiple offers, but inventory has eased a little so we’re seeing three offers or so now instead of six or seven offers like we did last year,' says Galloway. 'There are also more price drops around the city.'"
From GeekWire. "For years, the number of available homes in hot markets like Seattle, Portland and San Francisco has been virtually zero, but in recent months that has changed. If the trend holds into next spring — the busiest time of year in real estate — some long-term consequences could be on the horizon, Redfin CEO Glenn Kelman said at the 2018 GeekWire Summit."
"'If next spring the buyers don’t come back in force willing to pay those prices, this is a change in the U.S. economy,' Kelman said."
"These warnings come as Redfin, as well as competitors Zillow, Offerpad, Open Door and others wade deeper into buying and selling houses themselves. After warning of a slowdown on an earnings call, Kelman said he 'did walk down the hall to the Redfin Now team and say ‘take it easy on the number of houses we buy because we could end up unable to sell them.'"